Selling your home in Montgomery County doesn't have to be overwhelming. With the right strategies and support from the Shaina McAndrews Team, you can navigate the process with confidence and achieve a quick sale at the best possible price. Contact them today to embark on your selling journey and unlock the full potential of your Montgomery County property.
Are you on the hunt for the best real estate team to help you buy or sell property? Look no further than the Shaina McAndrews Team at eXp Realty, LLC. With Shaina McAndrews' extensive experience and a dedicated newcomer, Jess Slaughter, this team brings a wealth of expertise and enthusiasm to the real estate industry. Backed by a skilled Team Administrator, Shyrine Asuncion, and an Inside Sales Agent, Lou Veneracion, the Shaina McAndrews Team is your go-to choice for an exceptional and personalized real estate experience. Their commitment to excellence, innovative technology, and active community involvement make them the ideal choice for your real estate needs. Don't miss out on the opportunity to work with the best; contact the Shaina McAndrews Team today!
The journey to homeownership is a significant milestone, one filled with decisions, discoveries, and dreams come true. With the right guidance and a trusted partner by your side, it becomes an adventure to cherish. As your dedicated Realtor, my promise is to be with you at every step, turning challenges into opportunities and dreams into reality. If you're ready to embark on this journey, I'm here, ready to guide, support, and celebrate with you.
Home Buying Myths
Buying a home can seem like a huge undertaking. You don’t need to be a first time home buyer to find the process overwhelming. There is so much information available, how can you tell what’s true and what’s a myth? Understanding the difference can help you make the best decision for you and your family goals.
Top Home Buying Myths – And the Truth
· The First Step is finding the Right House – Before you head out shopping, speak with a lender to understand your financial options and how much house you can afford.
· You Can’t Buy a Home Without Perfect Credit – The truth is there are many loans available which still offer good interest rates for those without that perfect score.
· You Need 20% Down Payment – First time home buyers can use FHA financing for as low as 3.5% down. There are other programs too, such as VA and some conventional loans with less than 20% down also.
· You Don’t Need an Agent – An agent not only knows the market and can help you with value, but also customary charges, negotiations and solutions to common hiccups.
· Schools Don’t Matter if you don’t have Kids – The neighborhood is always important to home values, regardless of whether you yourself have children.
· New Homes Don’t Need a Home Inspection – Every home should have a home inspection by a licensed inspector to check for existing or potential problems.
Buying a home is one of the most important financial decisions you’re likely to make in your lifetime. Take the time you need to understand the process and learn from the professionals; don’t assume that everything you read is true.
How To Lower Closing Costs
Closing costs help facilitate the sale of a home and both buyers and sellers pitch in. Some closing costs can be paid before the home is officially sold and others are paid at the end.
However, closing costs aren’t set into stone and they can be negotiable. You can ask your real estate agent or lender with help in estimating your actual closing costs. Look over everything to make sure all the numbers are right and then you plan accordingly in how you’re going to lower them.
Some banks offer assistance to buyers when they use them to help pay for the purchase. It’s a way for a bank to reward loyal customers. Unfortunately this is not very common in today’s market.
Schedule your closing at the end of the month so you don’t have to pay the per diem interest for so many days.
Get estimates from different lenders because you’re looking for the best package of closing costs and interest rates. There might be something better out there. Please note that comparing lenders true costs on mortgages is not as simple as choosing between interest rates or APRs.
There may be some fees a lender charges that may be negotiable, such as origination fee, processing fee, or application fee. Make sure to ask if what you are being quoted is the best they can offer.
Sometimes title insurance and settlement are bundled together. You may be able to find a title and settlement company that is less expensive.
You can try to negotiate with the seller in paying for some of your closing costs. Buyers can ask for credit or to cover lender expenses during the offer and negotiation process. This should be covered with your real estate agent in your initial consultation.
Top Tips for House Hunting Online
Hunting for a new home online a is a great place to start your search but keep in mind that you don’t see everything. Real estate agents are great at highlighting the features of a house listing online but to make the most of your time, keep these three things in mind:
Preferences are important when house searching. A house may not have everything you want but it will have most of the things. Be realistic about pricing and keep in mind the must-have items that will definitely be needed because this will help narrow your search.
When you start your search, make sure you go to sites with up-to-date listings directly from the multiple listing service. Realtors post their most current homes for sale through this. Many sites fail to remove listings that are already off the market, and this can lead to you trying to sort through them and find the recent ones. Also note that Pre-foreclosure is not a property for sale so avoid website with properties not actually for sale.
Photographers capture listings at their best. They use different strategies and tools to boost the appeal of the home like creative editing and expensive camera equipment known for its effects. What they don’t show is unappealing parts, like an undone bathroom or small closet.
After you have chosen a house that’s appealing to you, schedule a showing with your real estate agent. This is the opportunity to see every part of the house in person and see if it’s a good fit.
Searching online is a great way to learn more about the house you’re looking for. Even if you’re still unsure about moving, house hunting online gives potential sellers the basic information.
Fill out my Buyer Survey and I will be able to customize a search for you with up to date information.
Qualifying for a Loan – What do I need to qualify?
Before you start searching for your new home, the first step is to speak with a lender and determine your budget. This is being pre-qualified for a loan. Once you find the right home, then your lender will order an appraisal of the property and complete your financing. If this is your first home purchase, or if it’s been awhile since you’ve purchased, understanding how to prepare for the qualifying process is the first step to success.
When preparing for your meeting with the lender gather all the pertinent documentation and bring them with you. Most lenders will want to see 2 months of employment pay stubs and bank records as well as the past 2 years of tax returns. After reviewing your income and savings, the lender will also order a credit report which shows all your recurring debt and payment history. This will be used to determine your ability to pay the proposed mortgage.
There are a variety of loan programs available. From 0% down VA loans to traditional 20% down loans, your lender will review all your options with you so you can determine the best program. Some government guaranteed loan programs, such as the VA or FHA, are more lenient with your credit score requirements as well as other qualifications, such as debt to income ratios.
Qualifying for a home loan might feel overwhelming, but your lender can walk you through the process and requirements. After learning your options, you can make the best financial decision for your new home loan.
Tips to Save for a Down payment
Are you thinking about buying a new home? Gone are the days of 100% financing with zero down payment. So if you are not sitting on a pile of cash, the idea of finding the money to pay the down payment might feel daunting. But there are simple ways to raise the cash needed to get into a new home.
Assess Your Current Assets - The first step is to determine what cash you might have available right now. Do you have a savings account or perhaps a 401k*? Are you nursing a pet project, like a vintage car or motorcycle, which could be sold for additional cash?
Explore Loan Options - Not all home loans require the typical 20% down payment. FHA and VA loans are available for qualified buyers which allow a very low/no down payment.
Ask For Help - Some loans allow you to use gift funds from relatives for the down payment. There are also local and state programs which offer down payment assistance and second loans.
Employment Incentives – Some cities and counties offer help with buying a home for teachers and first responders. If you fall into one of these categories, speak with your lender about options for down payment assistance.
Government Programs- If you qualify, there are grants at the county level in our area which can be applied to your purchase of a home. There are many restrictions so reach out and we can discuss if you would be a suitable candidate!
Buying a new home is a great way to add to your financial security. Building equity with a property is one way to build wealth while providing for you and your family. Finding the down payment might be easier than you think. If you are ready to explore home ownership, meet with a lender and discuss your unique situation.
Ask for my Home Buyer’s Guide which offers local lenders recommended by previous clients
What Does “Move-in Ready” Really Mean?
If you’ve been searching for a new home no doubt you’ve seen the term, “move- in ready.” This description sounds very appealing, but understanding what it actually means is important so you have the right expectations when arranging your home listing tour.
First it’s important to remember that the descriptions in real estate listings are written by the listing agent or broker. There is no set industry standard for what agents can say in their listings. While there are guidelines and rules which prevent blatant lying, most home buyers have become aware of the fluffy language used to market a home for sale.
The meaning of “move-in ready” is fairly straightforward; it means that the home is in a condition which is acceptable for immediate occupancy. The home meets the standards of living and assures the buyer that the essential elements needed to occupy the home are present and in running condition. For example, the home should have working plumbing, appliances, sound roof, electricity, gas and locking doors and windows.
What “move-in ready” does not necessarily mean is that the home is in pristine condition. A home that is “move-in ready” might still need significant updating and while systems are assumed to be operational, they might still be old or outdated.
“Move-in ready” is a common phrase in real estate listings. Understanding that the home might still need quite a bit of work to suit your taste and lifestyle, you can approach the listing with realistic expectations and determine if the property is the right fit for your needs.
Down Payments Explained
A down payment is the amount of cash a home buyer puts toward the price of a new home. It accomplishes a few things; first it reduces the amount of money you need to borrow and it reduces the risk the lender takes in loaning the money. By reducing the risk, the borrower will typically get a better interest rate on the loan and increase the amount of home they can buy.
The amount of down payment needed depends on the type of the loan, the lender and the property price itself. While most of the 0% down home loans of the last decade are gone, Veterans can still purchase a home loan with no down payment. Other programs include FHA loans with as little as 3.5% down.
Conventional loans typically require a 20% down payment, but some allow as little as 5%.
In addition to the down payment, buying a home also requires cash for closing costs and some reserve savings to guard against unexpected financial concerns. One thing to remember though is that any financing with less than 20% down will require private mortgage insurance – a monthly payment which protects the lender in the event of default.
The best amount of down payment should be determined in consultation with your lender and your tax or financial advisor, but the quick answer is “it depends.” By working with a trusted lender, explore your options and you will make the best decision for your needs.
Ask me for the Homebuyer Guide which includes a list of local lenders recommended by past clients
What Type of Mortgage is Right for Me?
When our parents were buying their first home, there was one way to finance the purchase. You would walk down to the corner bank and asked for a 30 year mortgage. Today the average home owner moves every 5-7 years. Depending on your needs there are a number of mortgage options you might consider, each with its own advantages and disadvantages, spending some time to understand the options is the best way to choose the right loan for your needs.
While loan programs and terms vary, the most common are:
· Conventional - A conventional loan is normally still designed to be paid off in 30 years with equal monthly payments during the term of the loan. There are currently conventional loans that require as little as 5% down, although 20-25% is still commonplace.
· FHA - An FHA loan is guaranteed by the Federal Housing Administration and is attractive for a number of reasons, especially for the first time home buyer. The down payment can be as little as 3.5% and that can be a gift.
· VA - VA (Veteran Affairs) is a loan program offered for Veterans and their spouses. While the terms can vary from 0-5% down payment, this loan may allow the borrower to finance as much as 100% of the home’s value in the loan.
Your lender will also have more specialized options for you, such as adjustable rate loans and 10 or 15 year loans. They can also explain the additional costs that could be associated with each type of loan program.
Part of purchasing a home is to find the right financing. Your lender will talk you through your options. If you have not already spoken to a lender, or if you need a referral, your real estate agent is a great resource for you.
Ask me for my Home Buyer Guide which includes information on local lenders recommended by past clients
5 Tips for Starting Your Home Search
Everyone wants to time their home purchase “just right.” Ideally, the picture perfect “buyer’s market”; plenty of well-‐priced listings, low interest rates and a slow moving real estate market where the buyer has plenty of time to decide on an offer. The reality is that the current market is a fast paced environment where the best homes move quickly and serious home buyers need to be prepared to act when they find the right home.
Fortunately, starting your home search the right way is easy by following these simple tips:
1. Find a Lender and Get Pre-‐Approved – Know what you can afford before you start your search. By getting a pre-‐approval letter, you demonstrate to sellers that you are serious when you write your offer and it proves you can afford the home.
2. Research Neighborhoods – Each community will have their own personality and advantages; before you spend time looking at homes, choose the right area for your lifestyle and family needs.
3. Pick the Right Home Style – Learn about the various home styles available in your community. Do you want a single story? Large yard? Do you like older homes or historic-‐ style properties?
4. Make a List of Must Have and Like-‐to-‐Have – There is a difference! Make a list and be ready to compromise when appropriate by ranking the items.
5. Take Notes – Often a home buyer can see 3-5 homes in a single day; take notes and if possible, take pictures so you can remember the things you like, and don’t like, about the homes you see once you get home.
In a fast paced real estate market, spending some time preparing for your home search will help you move quickly when you find the right home for you and your family.
No worries- you aren’t alone. Contact me and let’s get started on making your game plan!
Things You Should Avoid After Applying For a Home Loan
You’ve done everything right so far; you’ve found a great lender, received a pre-approval and submitted your loan package for final approval. Now you’re done, right? Wrong. Until you close on your new loan, it’s more important than ever to keep your credit steady; most lenders perform one last credit check right before they fund and a decline in your score can mean the difference between getting the home and losing the loan.
Things You Should Never do After Applying for a Loan
· Don’t Change Jobs – While sometimes it’s unavoidable, especially if a new job is the reason for the move, but any change in income or job status creates risk and should be avoided if possible.
· Don’t Make any Large Purchases – As tempting as it may be to go shopping for new furniture, wait until after you close to make any large purchases. This applies to furniture, appliances and even new cars. New loans could change your debt to income ratio and cause you to no longer qualify for the loan.
· Don’t Apply for New Credit – Every time someone runs your credit report, your score is affected. This is not the time to search for a new credit card.
· Don’t Close Any Credit Accounts – It might seem counter intuitive, but closing or paying off loans or credit cards might actually bring your FICO score down. The length of time you’ve had your credit open is a positive effect on credit scores.
The bottom line is to avoid doing anything to your credit. If you’re unsure of what you can or cannot do, ask your lender; they can guide you in the right direction and make sure you close on your new loan.
Most areas of the country are experiencing a brisk real estate market. Well priced homes are moving quickly and often sellers have multiple offers from which to choose. How can you make your offer stand out and put you in a better position to get the home? Fortunately there are a few things you can do to make your offer more attractive to sellers.
4 Tips for Making a Competitive Offer
1. Offer a Fair Price – When the market is moving quickly, this is not the time to throw out a low ball offer and hope they negotiate. Write an honest price based on market values.
2. Have a Pre-‐Approval – It may not be enough to simply offer a pre-‐qualification letter. When issuing a pre-‐approval the lender verifies your qualifications and an underwriter gives preliminary approval based on the actual home and a good appraisal.
3. Flexible Timing – Not everything comes down to price. A seller who is relocating might be more interested in an offer which gives them extra time to move.
4. Attractive Terms – Most offers include contingencies for items like appraisal, inspection, title, loan approval among others. Working with your lender and real estate agent, consider removing any contingencies you don’t need. If you plan to remodel extensively for instance, you might remove the home inspection contingency. This provides more confidence in your offer vs the competition.
The most important thing in a competitive real estate market is being prepared. Working with your lender and agent, you will understand your options and be able to write a solid offer quickly, putting you in the best position to have your offer accepted.
Home ownership is the American Dream, right? Owning a place to call home, being able to paint the walls purple if you like, that’s what everyone wants. Isn’t it? The reality is there are pros and cons for buying a house. Understanding them can help you make the best decision for your goals.
Pros for Buying
This might seem obvious, but there are 3 main reasons to buy a home.
1. Financial Advantages – A home is an asset which should appreciate over time, providing wealth building opportunities.
2. Pride of Ownership - As a home owner, you control the environment in which you live. If you want those purple walls or granite countertop….you can do it.
3. Roots - Regardless of whether you have children, there is a natural desire to be part of a community: to have a local coffee shop, dry cleaners, bar.
Cons for Buying
As with all things, there are considerations which mean this isn’t the right time to buy a home.
1. Increased Monthly Costs – In some instances your monthly mortgage will be larger than comparable rent. Most of our local markets have comparable rent v. mortgage prices as rentals have increased significantly as inventory is low.
2. Freedom - A renter can move from one city or state to another very easily which allows you to move when you need/want to.
3. Upkeep - You are responsible for the repairs and upkeep of the property. Unexpected problems can become quite expensive if you are unprepared.
There are some wonderful reasons to buy a home; before you decide that it’s time to buy, give some thought to your lifestyle and goals, if they are in line with the advantages of home ownership, then time to go house hunting!
Let’s talk and decide if now is the time to buy. I also help clients who are not quite ready to find a suitable rental.
“I’m so sorry, they went with another offer.” It’s a shocking thing to hear; you’ve already moved into that dream home in your mind. It’s common to start second guessing yourself, even condemning yourself for not offering more money or better terms, but the truth is sometimes it just doesn’t work out. The next step is to figure out how to move on.
• Go Ahead and Mourn – It’s perfectly reasonable to mourn the loss of the “perfect” home.
• Take a Break – This might not be as easy as it sounds if you need to move, but even a short weekend off to regroup and refresh will allow you to continue the search.
• Understand What Went Wrong – It may be that you did nothing wrong and the seller got an all-cash offer 20% over asking, but it’s still a good idea to talk with your agent about your offer, make sure you truly offered a fair price with reasonable terms and if not, make adjustments next time.
• List What You Liked About the Home – Make a list of the features you liked about the home – open floor plan, big yard, expansive view, etc. This will allow you to watch for these features as you continue the search.
Losing out on your dream home is sad, but it doesn’t mean you won’t find another home you love just as much. Take some time to think through the experience and keep going – there are so many homes to choose from, you’ll find another home to love.
Shaina McAndrews Team
EXP Realty, LLC
630 Freedom Business Ctr Dr.
King of Prussia, PA 19406
Broker: 888.397.7352
Your Greater Philadelphia + NJ
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